Voyager is selling crypto assets through Coinbase, suggests on-chain data

Voyager Digital, the centralized finance (CeFi) The platform that filed for Chapter 11 bankruptcy in July 2022 is reportedly selling assets through the Coinbase cryptocurrency exchange. On-chain data suggests Voyager received at least $100 million worth of USD Coin (USDC) in three days, starting on February 24.

Since Valentine's Day, February 14, Voyager has sent crypto assets to Coinbase on an almost daily basis, analyst for the chain Lookonchain alleges. Research shows that Voyager transferred millions of dollars using a mix of cryptocurrency tokens, including Ether (ETH), Shiba Inu (shib) and Chain Link (LINK).

1/ It seems that #Traveler is selling assets through #coinbase.

We realized that #Traveler has received $100M USDC from #coinbase in the last 3 days.

AND #Traveler has sent assets to #coinbase almost every day since February 14.https://t.co/VW8o8dBQtqhttps://t.co/qbHt0r7VNG pic.twitter.com/kfxF6rwHFk

— Lookonchain (@lookonchain) February 26, 2023

Lookonchain revealed Voyager's use of 23 tokens, valued at over $100 million. The following image shows a list of tokens with their value in US dollars. However, Coinbase has yet to respond to Cointelegraph's request for comment to confirm the legitimacy of the claim.

Despite the selloff, Voyager owns nearly $530 million worth of cryptocurrency, with the largest holdings in Ether ($276 million) and Shiba Inu ($81 million).

Related: Voyager creditors send SBF a summons to appear in court for 'remote deposition'

Amid the alleged fund liquidation, the United States Securities and Exchange Commission (SEC) objected to Binance.US's decision to acquire more than $1 billion in assets belonging to Voyager.

In a February 22 filing filed with the US Bankruptcy Court for the Southern District of New York, the SEC stated:

“However, the Debtors (Binance.US) have yet to demonstrate that they would be able to make such sales pursuant to federal securities laws.”

The filing highlights concerns about legality and the ability to undertake the planned asset restructuring through the acquisition. It also questions whether Voyager's debtors can recover some of their assets after the company's bankruptcy.